Abington Savings Bank reports earnings for first quarter ended March 31, 1995.
Net income for the quarter ended March 31, 1995 was $666,000 or $.34 per share compared to net income of $642,000 or $0.33 per share for the same period a year earlier. At March 31, 1995, assets totaled $417,273,000 compared to $421,833,000 at Dec. 31, 1994. Total outstanding net loans and deposits at March 31, 1995 were $232,757,000 and $244,688,000, respectively, compared with $235,439,000 and $246,843,000, respectively at Dec. 31, 1994. Stockholders' equity at March 31, 1995 was $29,557,000, reflecting a stockholders' equity to assets ratio of 7.1 percent. Book value per common share at March 31, 1995 was $15.76. At March 31, 1995, the bank's non-performing assets amounted to $6,166,000 compared to $6,674,000 at Dec. 31, 1994, reflecting a decrease of $508,000 or 7.6 percent.
Abington Savings Bank President and Chief Executive Officer James P. McDonough said the first quarter earnings reflect an increase in net interest income of $610,000 or 21.4 percent compared to the corresponding period in 1994 due primarily to growth in the bank's asset base resulting primarily from its June 1994 acquisition of Hull Co-Operative Bank. In addition, the quarter end results also reflect non-interest income of $596,000 compared to $591,000 in the corresponding period of 1994, reflecting an increase in customer service fees of $142,000 or 73 percent offset in part by a decrease in gain on sale of mortgage loans of $94,000 or 61.0 percent. The results for the quarter ended March 31, 1995 also reflect a higher effective income tax rate primarily due to the utilization of a capital loss carryforward position in 1994.
McDonough also commented that he was pleased with the continued stability in the level of sustained earnings in light of the volatility in interest rates which occurred in 1994 and into 1995. In addition, the bank's focus on increasing levels of checking accounts as a source of fee income as well as enhancing the bank's net interest income will continue to remain a primary objective of management. As a result of the sustained earnings level which is evidenced by the continued payment of a quarterly cash dividend and the recently announced acquisition of a branch location in Holbrook, Mass. from Bank of Boston, management continues to be optimistic about the future direction of this organization.
Abington Savings Bank is Massachusetts-chartered savings bank whose deposits are insured by the Federal Deposit Insurance Corp. and the Depositors Insurance Fund. In addition to its headquarters and loan center in Abington, the bank has five other branches in Halifax, Hull, Kingston, Pembroke and Whitman and a mortgage office in Barnstable Village, Mass.
Abington Savings Bank Operating Results (In thousands, except per share data)
Three Months Ended March 31, 1995 1994 (unaudited)
Interest and dividend income $7,671 $5,832 Net interest income 3,456 2,846 Provision for possible loan losses 150 160 Non-interest income 596 591 Non-interest expenses 2,830 2,403 Income before income taxes 1,072 874 Net income 666 642 Earnings per share $.34 $.33 Dividends per share $.10 $.10 Weighted average shares outstanding 1,954 1,940
Balance Sheet Data (In thousands, except per share data)
March 31, Dec. 31, 1995 1994 (unaudited)
Total assets $417,273 $421,833 Loans, net 232,757 235,439 Allowance for loan losses 2,602 2,845 Deposits 244,688 246,843 Stockholders' equity 29,557 28,366 Book value per share $15.76 $15.13 Shares outstanding 1,875 1,875
CONTACT: Abington Savings Bank
Edward J. Merritt, 617/982-3271
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|Date:||Apr 18, 1995|
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